(The following press release from BP was received by e-mail and was reformatted. The sender verified the statement.) Release Date: October 31, 2013 11:02:49 AM CDT BP Partners with The University of Texas on Leading-Edge Energy Research Company commits nearly $4 million for new, jointly administered program initially focused on BP’s Project 20K™, increased shale gas recoveries and other areas. HOUSTON – BP announced today it will commit $4 million to launch a new strategic partnership with The University of Texas at Austin to support several leading-edge oil and gas industry research projects, with the potential for increased contributions as new studies are identified in the future. The unique collaboration between the two institutions, which highlights BP’s ongoing commitment to higher education and research, aims to develop real-world solutions to a number of technical challenges facing the global oil and gas industry, both onshore and offshore. One initial area of focus is related to Project 20K™, a multi-year initiative announced by BP in early 2012 that seeks to develop next-generation systems and tools to help unlock the next frontier of deepwater oil and gas resources, currently beyond the reach of today’s technology. Accessing these resources is a key part of BP’s commitment to U.S. energy security. The University of Texas’ Department of Electrical and Computer Engineering will work with the Project 20K™ team to study the impact of “human factors” on the drilling process and the potential for new systems that can enhance safety and efficiency. A second area of activity will be to develop a reliability assessment process for BP’s project team to use in quantifying the “system-level reliability” of Project 20K™ concepts. Other joint research projects include one that seeks to improve recoveries from shale gas and oil formations through a deep investigation of fracturing fluids’ impact on well productivity. Another focuses on enhancing early detection of “kicks” – the sudden influx of hydrocarbons into a well – by using real-time well data and predictive models to better inform operational decisions, in support of BP’s commitment to safe and reliable operations. “This is not just theoretical research,” said James Dupree, BP’s Chief Operating Officer, Reservoir Development & Technology. “Under this partnership, we are tackling real-world challenges that, if better understood, could have far-reaching impacts not only on BP but on the future of global energy development.” Administered by a joint governance board, the program has established a rigorous process for selecting research projects that play to the university’s world-class strengths in engineering and geosciences as well as meet BP’s strategic business needs. BP is funding research in the Cockrell School’s Departments of Mechanical Engineering, Electrical and Computer Engineering and Petroleum and Geosystems Engineering. “This partnership allows our faculty and graduate students to solve challenging, relevant problems in global energy development, to work collaboratively with leading scientists and engineers from BP, and to see how their solutions are implemented in a real-world setting,” said John Ekerdt, associate dean of the Cockrell School of Engineering. “We look forward to the new interdisciplinary opportunities our researchers will have to develop technologies that will have a far-reaching societal benefit.” While the agreement is initially focused on several specific research projects, the intent is to establish a long-term partnership between BP and the University of Texas that is beneficial to both and that could later result in increased funding. Successes in early projects will help build the basis for future collaboration, with the ultimate goal of taking the research and technologies developed through the program from the lab and into the field. About BP Over the past five years, BP has invested more than $55 billion in the U.S. – more than any other energy company. BP is the nation’s second-largest producer of oil and gas and provides enough energy annually to light nearly the entire country for a year. Directly employing more than 20,000 people in all 50 states, BP supports more than 260,000 jobs in total through all of its business activities. For more information, view our BP in the US animated video: http://bit.ly/BPFuelsAmerica13 <http://www.google.com/url?q=http%3A%2F%2Fbit.ly%2FBPFuelsAmerica13&sa=D&sntz=1& usg=AFQjCNHQfdureNPDB_VEPvs-aYZidgTI5A> . Notes to editors: * BP funds about $100 million in university research, education and recruitment activity at more than 50 U.S. universities annually. * In 2012, BP hired over 700 students and graduates in the U.S. for full-time and intern positions from more than 10,000 applicants. * BP supports several multiyear research programs by U.S. universities on subjects ranging from advanced computing and bioscience to unconventional gas, heavy oil, and rock physics. * Texas is home to more than 10,000 BP employees and contractors and our U.S. headquarters. Our operations in the Lone Star State include petrochemicals, pipelines, oil and gas exploration and production and wind farms. * The Houston area has the largest concentration of BP employees in the world. Further Information: BP US Press Office Phone: (281) 366-4463 email@example.com (kgt)NY
BP COMMITS $4M FOR UNIVERSITY OF TEXAS RESEARCH PROGRAM
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